EverGrow coin price prediction: The next Shiba Inu?

EverGrow (EGC) is a hyper-deflationary coin. It works on an autonomous, frictionless yield-farming and liquidity generation protocol.

The cryptocurrency, launched in September this year, offers a unique buyback mechanism. It recently passed a benchmark of 100,000 token holders. 

Based on the Binance Smart Chain (BSC), EverGrow is the first major yield generation token that rewards its users in BSUD, Binance’s US dollar-pegged stablecoin. 

Eligible users who hold EGC tokens can receive an automatic 8% reward directly to their digital wallets from every buy, transfer and sell transaction through an EverGrow redistribution system – 2% of every transaction is sent to a strategic buyback reserve. 

In many ways, the EverGrow coin is re-shaping decentralised finance (DeFi), with a unique token distribution strategy that aims to promote the generation of passive income. 

The EverGrow coin has grown in popularity largely due to the fact that it’s designed to become more scarce over time. 

EverGrow claims that EGC is the fastest growing cryptocurrency of its kind, and that the company’s platform effectively bridges the gap between cryptocurrency and fiat currencies in such a way that it extends the benefits of crypto to everyday people. 

What is the EverGrow crypto?

As a first-of-its-kind yield-generation token that rewards its holders in BUSD, the EverGrow token has up to ten times faster block speeds and lower gas fees, according to the company. 

EverGrow’s distribution strategy works in the following ways:

• 8% redistribution in BUSD with every buy, transfer or sell transaction

• 2% of every buy, transfer or sell transaction is sent to a strategic buyback reserve 

• 3% of every buy, transfer or sell transaction is added to automatic liquidity and transferred to Pancake Swap 

• 1% of all transactions are dedicated to marketing efforts

Through the buyback reserve, tokens are converted into the Binance coin (BNB), then securely locked and stored in an EverGrow smart contract. 

The BNB token possesses a buyback and burn program in which Binance uses 20% of its profits to buy and destroy BNB tokens every quarter in order to reduce the total circulating token supply.

The theory is that a reduced circulating supply can potentially lead to a higher share of distributed rewards paid to EGC holders. The company notes that BNB can only be used to purchase and burn EverGrow coins and cannot be withdrawn from the strategic reserves. 

The EverGrow smart contract contains two distinct buyback provisions:

Also, an extra 1% fee is applied to all sales in order to discourage swing trading and discentivise crypto whales, a term used to describe individuals who hold a large number of coins of a particular cryptocurrency. The EverGrow contract ensures that no sales amount higher than 0.125% of the circulating supply is possible. 

EGC price analysis: Technical view

The EverGrow coin was launched in September this year. It reached an all-time high of $0.000003379 on 1 November 2021.

EGC’s price then fell to $0.000001512 on 2 November 2021, which was followed by a strong rebound on 5 November to $0.0000263. 

On 17 November 2021, EGC was listed on both BitMart and ZT Global, helping the token to reach a high of $0.000001883 that same day. 

The price then retreated to $0.000001049 on 21 November 2021. On 24 November, EGC was listed on the cryptocurrency exchange Bibox. That didn’t significantly affect the token’s price, which was trading at $0.000001112. The price fell to a low of $0.0000005721 on 29 November. 

The price has since consolidated and is currently (17 December) trading at around $0.0000008801. It ranks 3,085th in the list of cryptocurrencies by market capitalisation at $433m. However, CoinMarketCap (CMC) notes that this market capitalisation is self-reported and has not been verified by CMC. 

Technical analysis provided by CoinCodex shows that short-term sentiment on EGC is bearish, with six indicators displaying bullish signals compared to 14 bearish.

The daily simple and exponential moving averages are giving sell signals, according to data from CoinCodex, while the relative strength index (RSI) is at 45, as of 17 December. An RSI reading of 30 or below indicates an oversold or undervalued condition. 

Unique token distribution strategy propels the EverGrow project forward

The unique proposition of the EverGrow coin is that it is the world’s first yield-generation token to reward its holders in BUSD, according to the company. 

In less than four months, EverGrow has come to be listed on three major cryptocurrency exchanges, garnered over 100,000 token holders and reached a market capitalisation of $433m.

A major reason behind EverGrow’s unprecedented growth is its unique token distribution strategy – the company has distributed $27m in BUSD rewards to its holders since launch.

In other EverGrow crypto news, the company is planning to launch Crator, its own content subscription platform, in the first quarter of 2022, which could give the project a boost. Another factor which could help the project achieve broader adoption is its new EverGrow wallet, set to launch in 2022. 

EverGrow has stated that it is aiming to become the next Shiba Inu. The company has an experienced team supporting project development and a healthy marketing budget in order to raise brand awareness. 

A risk for the project is that its new NFT marketplace, which has received widespread attention, appears to be under maintenance (as of 17 December), with no news from the company as to what this means for users. 

Also, the EGC coin is a new project operating within an emerging and volatile cryptocurrency industry. It was launched just four months ago. 

“The EverGrow coin price has struggled in the past few weeks and we still don’t have a definitive understanding of the project’s true market capitalisation,” Crispus Nyaga, a financial analyst at Invezz, told Capital.com. 

“EGC is essentially a cryptocurrency that allows users to earn passive income simply by investing in it. Still, the biggest challenge for the EverGrow coin is the sheer amount of cryptocurrency projects that already exist offering users a similar ability to generate passive income.”

EverGrow crypto price prediction: Buy, sell or hold?

In terms of an EverGrow coin prediction , algorithm-based forecasting service Wallet Investor gave its EGC/USD forecast. Based on historical data, Wallet Investor sees the price rising to $0.00181 by July 2022. 

Digital Coin Price supports the bearish EverGrow coin forecast, expecting the token to grow to $0.0000015145 in December 2022, $0.0000024875 in 2025 and hit $0.0000038620 in 2028. 

“The EverGrow coin is a hyper-deflationary token specifically designed to become more scarce as time goes on,” Milko Trajcevski, a financial analyst at Invezz, told Capital.com. 

“All EGC holders are eligible to earn an 8% reward from every buy, transfer or sell transaction which can subsequently incentivise users to invest in the token.

“At its current price point of $0.0000008648, the EverGrow coin does have potential for growth and could reach $0.0000015 by the end of this year. In my opinion, we may even see the EGC price skyrocket in 2022 by double that amount.”

Note that predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.

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